Demat Account: Meaning, Benefits, Types
If you're new to trading stocks and shares, you've probably heard you need a "Demat account," but what exactly is it? Simply put, a Demat account is like a bank account for your shares. A Demat account holds your shares and securities electronically, making it easy and safe to trade online. This guide will walk you through a Demat account, explain why it’s important for investors, and show you how to set one up to start trading.
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Demat Account Meaning
A Demat account, short for “dematerialised account,” helps you hold your investments electronically. Before the digital age, shares and securities were given as paper certificates. Carrying and keeping these papers safe was hard and risky—they could be lost, stolen, or damaged. To solve these problems, demat accounts were introduced.
A Demat account holds your shares, bonds, and other investments. It lets you buy, sell, and track these investments easily and securely on your computer or smartphone. Additionally, it helps maintain a clear record of all transactions, which can be accessed anytime, helping you stay organised in your investment journey.
Demat Account Basics
Understanding the basics of a demat account is key to using it effectively. Here’s what you need to know to get started:
- What You Can Store: A demat account can hold various investments, not just shares. You can also keep bonds, mutual funds, government securities, and exchange-traded funds in it.
- Costs Involved: Maintaining a demat account involves some fees. These include opening charges, annual maintenance, and transaction fees whenever you buy or sell shares.
- Safety Features: Demat accounts have several safety features like secure login processes, automatic logouts, and transaction alerts. These measures help prevent unauthorised access and ensure your assets are well-protected.
Demat Participants
Demat Participants help in managing a Demat account. These participants are officially registered and approved by the stock market regulators. There are mainly two types of demat participants:
- Depository: This is the main storage area for all electronic securities. In India, for example, the two main depositories are the National Securities Depository Limited (NSDL) and the Central Depository Services Limited (CDSL). They ensure that all electronic securities records are kept safely.
- Depository Participants (DPs): These are agents or intermediaries between the depository and you, the investor. Think of them as bank branches. Like you visit your nearest bank branch to deposit or withdraw money, you interact with a depository participant to manage your shares and securities. These could be banks, stockbrokers, or financial institutions authorised to offer demat services.
What is the Dematerialisation Demat Process?
Dematerialisation, often called “demat,” converts physical shares and securities into electronic format. Before this process was available, buying and selling shares involved lots of paperwork, which was slow and sometimes unsafe. Here’s how dematerialisation simplifies everything:
Step 1: Opening a Demat Account
First, you must open a demat account through a depository participant (DP). You will be required to provide some personal details and identification documents.
Step 2: Handing Over Physical Certificates
If you already own physical shares, you must give them to your DP. You will complete a Dematerialisation Request Form (DRF) and submit your physical share certificates. This form tells your DP and the depository that you want to convert your physical shares into electronic ones.
Step 3: Verification
Once your DP receives your form and certificates, they will check everything to ensure it’s in order. They will then send these documents to the company whose shares you hold through the depository.
Step 4: Conversion to Electronic Form
The company will verify the certificates. If all details are correct, they will cancel the physical certificates and update your ownership details in their records to show that the shares are now in electronic form.
Step 5: Reviewing Your Demat Account
After the company confirms the conversion, the depository updates this information, and your demat account will now show these shares electronically. You can view these anytime, just like checking your bank balance online.
Benefits Of Dematerialisation
Dematerialisation offers many advantages that make investing easier and safer. Here are some of the main benefits:
- Safety and Security: Unlike paper certificates, which can be lost, stolen, or damaged, electronic shares are safely stored in your demat account. This means you need not worry about keeping your investments secure.
- Quick Transactions: Trading shares becomes much faster when you use a demat account. You can buy or sell shares almost instantly, which is impossible with physical certificates. This speed can help you take advantage of market conditions more quickly.
- Convenience: Managing your investments electronically means you can access your demat account from anywhere with an internet connection.
- Accuracy and Transparency: Electronic records are updated automatically and are less prone to errors than manual entries of physical certificates, increasing the accuracy of your investment records. You also get regular statements from your DP, helping you keep track of your transactions and balances.
- Loan Facility: With demat accounts, you can also easily pledge your securities to get loans. Banks and financial institutions can quickly verify your holdings electronically, making securing loans against your shares easier.
Features of a Demat Account
A Demat account has several key features that make it an essential tool for modern investors. Understanding these features will help you make the most out of your investments:
- Electronic Storage: Your Demat account stores all your securities electronically, eliminating the need for physical certificates.
- Easy Transfer of Shares: Whether you’re buying or selling, the transactions through a Demat account are quick and happen electronically, which speeds up the process and reduces paperwork.
- Automatic Updates: Whenever you buy or sell securities, your demat account updates automatically. This includes adjustments after dividends, splits, and mergers, ensuring your investment records are always current and accurate.
- Linking with Bank Accounts: You can link your demat account to your bank account, making fund transfers seamless. This linkage facilitates the smooth flow of funds necessary for buying and selling securities.
- Corporate Benefits: If you own shares of a company stored in your demat account, any benefits like dividends, interest, or refunds are automatically credited to your account. This ensures that you receive all entitlements without any hassle.
- Nomination Facility: You can nominate someone to receive the securities in your demat account in case of your demise. This feature makes the transmission of assets simpler for your nominees.
How to Open a Demat Account?
Opening a demat account is a simple process, similar to opening a bank account. Here’s a step-by-step guide to help you get started:
Step 1: Choose a Depository Participant (DP)
First, you need to select a Depository Participant (DP). These can be banks, stockbrokers, or online investment platforms authorised to offer demat services. Compare their fees, services, and reputation to find the best suits your needs.
Step 2: Fill Out the Application Form
Once you choose a DP, you must fill out an application form. This form asks for your personal details, including your name, address, and contact information. You’ll also need to provide your financial information and investment experience.
Step 3: Submit Necessary Documents
You must submit copies of certain identity and address verification documents along with your application form.
Step 4: In-Person Verification (IPV)
Some DPs may require an In-Person Verification (IPV). This means someone from the DP’s office might meet you in person or do a video call to verify the authenticity of the documents you provided.
Step 5: Sign the Agreement
You will need to sign an agreement with your DP, which outlines the rights and duties of both parties. Be sure to read the agreement carefully before signing.
Step 6: Get Your Demat Account Details
Once your application is approved, the DP will open your demat account. You will receive a unique account number, the Beneficiary Owner Identity (BO ID). This ID is used to access and manage your demat account.
Step 7: Access Your Demat Account
Finally, you can access your demat account using the credentials provided by your DP. Most DPs offer online access, which allows you to manage your investments, view your holdings, and carry out transactions through their website or mobile app.
Types of Demat Account
When you open a demat account, it’s important to know that different types are available, each designed to meet specific needs. Here are the three main types of Demat accounts:
1. Regular Demat Account
Indian citizens use a regular demat account. It is the most common demat account for individuals who want to trade or invest in shares and securities. It holds all your investments electronically and allows you to manage them easily.
2. Repatriable Demat Account
If you are an Indian citizen living abroad or a Non-Resident Indian (NRI), you might choose a repatriable demat account. This account allows you to transfer money abroad from selling your investments. It must be linked to a Non-Resident External (NRE) bank account, which transfers money to and from India without restrictions.
3. Non-Repatriable Demat Account
This is another option for NRIs. Unlike the repatriable account, the non-repatriable demat account does not allow funds to be transferred abroad. It must be linked to a Non-Resident Ordinary (NRO) bank account, which manages income earned in India. You can still buy and sell shares with this account but not move the proceeds to a foreign country.
Document Required for Demat Account
Opening a demat account is similar to setting up a bank account, and it requires certain documents for identity verification and to fulfil legal requirements. Here’s a list of the common documents you will need:
1. Proof of Identity (POI)
You must provide a valid document that confirms your identity. This could include:
- PAN card (mandatory for all demat accounts)
- Aadhaar card
- Passport
- Voter ID card
- Driving licence
2. Proof of Address (POA)
A document is needed to verify your address. You can use any of the following:
- Aadhaar card
- Passport
- Voter ID card
- Recent utility bills (electricity, water, gas) that are not older than three months
- Bank statement or passbook with recent transactions
3. Proof of Income (for trading in derivatives)
If you plan to trade futures and options, you might need to provide proof of your financial health:
- Latest salary slip
- Income Tax Return (ITR) acknowledgement
- Bank statement for the last 6 months
- Net worth certificate from a certified accountant
4. Bank Account Details
You will need to provide details of your bank account, which is linked to your demat account, for seamless transactions:
- A cancelled cheque from your bank account bearing your name
- Bank account statement or passbook
6. In-Person Verification (IPV)
Some depository participants may require IPV. You would typically need to be physically present or available for a video call, during which your documents and identity are verified.
How to use Demat Account
Once your demat account is set up, using it is straightforward. Start by logging in to your account. Further, here’s a simple guide on how to effectively use your demat account for trading and managing securities:
- Viewing Your Holdings: Your demat account dashboard will typically show an overview of your current holdings, including stocks, bonds, and other securities. You can check the number of shares, current market value, and the purchase history. This helps you monitor your investments and make informed decisions.
- Buying Securities: To buy shares or other securities, you must link your demat account with a trading account. Once linked, you can place orders through your trading platform. The securities you buy will typically be credited to your demat account within two business days after the transaction.
- Selling Securities: When you want to sell your holdings, you can place sell orders through your trading account. The securities will be debited from your demat account once the sale is executed. The proceeds from the sale will be deposited into your linked bank account.
- Pledging Securities: If you need to secure a loan, you can pledge the securities in your demat account as collateral. Contact your DP to initiate the pledging process. The securities can be unpledged once the loan conditions are met.
Why open a Demat Account With BFSL?
BFSL (Brokerage Firm Securities Limited) is a well-established brokerage firm offering various financial services, including trading and demat accounts. Known for its reliability and comprehensive service offerings, BFSL caters to both beginner and experienced investors.
Opening a demat account with BFSL is beneficial for several reasons.
- Firstly, their platform is user-friendly and secure, making it ideal for new investors.
- BFSL provides competitive pricing with low transaction fees, which can help you save money while investing.
- They also offer excellent customer support and are available 24/7 to assist you with any inquiries or issues.
Additionally, BFSL stands out for its educational resources and investment advice to match your financial goals and market trends. Whether looking to trade actively or invest passively, BFSL’s advanced technology facilitates quick trading and real-time market data access, enhancing your decision-making process. With a wide range of investment options available, BFSL makes it easier to diversify your portfolio, catering to different risk appetites and investment strategies.
Various Types of Trading Accounts
When you begin investing in the stock market, you’ll encounter different types of trading accounts and demat accounts, each suited to specific investment needs and objectives. Understanding these can help you choose the right one for your financial goals.
- Cash Account: This is the most basic type of trading account, where you must pay the full amount of your securities purchase upfront. You cannot borrow funds from the broker to buy stocks; you must have the funds available in your account.
- Margin Account: Unlike cash accounts, margin accounts allow you to borrow money from the broker to buy stocks. This means you can buy more stocks than you could with just your available funds. However, this comes with higher risk, including the potential to lose more money than invested if the stock prices fall.
- Discretionary Account: In this type of account, you allow your broker or a designated financial manager to buy and sell securities without prior approval for each transaction. This is suitable for those who do not have the time to manage their investments actively.
- Online Trading Account: Specifically designed for online traders, this account facilitates buying and selling securities via an online platform, offering quick transaction execution and real-time market data.
How Do You Know Your Demat Account Number?
Detailed Steps to Find Your Demat Account Number
- Welcome Kit and Account Opening Emails: Upon opening your demat account, your depository participant (DP), such as BFSL, will send you a welcome kit via postal mail or email containing essential account information. This will typically include your unique demat account number, a combination of the DP ID and your Client ID. Check all initial communication for this information.
- DP’s Online Portal or Mobile App: Access your account through your DP’s secure online or mobile app. After logging in, navigate to the dashboard or the profile/account details section, where your demat account number will be prominently displayed.
- Monthly Account Statements: Your DP sends monthly statements detailing your transactions and holdings via email or postal mail. Your demat account number is listed on these statements, often at the top or in the header.
- Contact Customer Service: If you can’t locate your demat account number through the methods mentioned above, you can contact your DP’s customer service for assistance. For BFSL, you can reach them at 80-66673333, 080-41575234/35, or email bfsl@bfsl.co.in or enquiry@bfsl.co.in. Be prepared to verify your identity with them to access your account information securely.
- Visit a Branch: If you prefer face-to-face assistance, visit your nearest BFSL branch. You can find the closest branch location on their website under the “Contact Us” section. Ensure you carry a valid ID for verification purposes.
Demat Account For Minors
A minor demat account is specifically designed for individuals under 18. This type of account allows minors to hold securities such as stocks and bonds under the supervision of their legal guardians or parents. Here’s what you need to know about managing a minor demat account:
Guidelines and Restrictions
- Trading Restrictions: While minors can hold securities in a demat account, they are not allowed to trade until they reach the age of majority. Once the minor turns 18, the account can be converted to a regular demat account, and full trading privileges are granted.
- Role of the Guardian: The guardian manages the account on behalf of the minor and is responsible for any decisions and actions taken regarding the securities held in the account.
- Tax Considerations: The guardian usually taxes any income generated from investments in a minor demat account until the minor reaches adulthood.
Conversion to Regular Account
Upon reaching the age of majority, the minor must submit a new application and updated KYC documents to the DP to convert the account into a regular demat account. This process typically involves:
- Providing proof of age.
- Updating the KYC details.
- Signing a new agreement under the minor’s name.
How to Choose the Best Demat account
Choosing the best Demat account involves assessing several factors to align with your investment goals. Compare the fees and services various depository participants (DPs) offer, including account maintenance charges and transaction fees. Evaluate their trading platforms’ user-friendliness and technological robustness, especially if frequent trading is anticipated. Additionally, the quality of customer support, availability of additional features like research reports, and the DP’s regulatory compliance with bodies like SEBI should be considered. Reading reviews and considering recommendations can also provide valuable insights into the reliability and efficiency of the service. Ultimately, the right demat account should offer a balance of cost, convenience, and comprehensive service to support your investment strategy effectively.
Demat Account Charges
When choosing a Demat account, understanding its various associated charges is crucial. Here’s an overview of common demat account charges:
Charge Type | Description |
Account Opening Fee | Ranges from 0 – 200 INR. |
Annual Maintenance Fee (AMC) | Generally free for the first year. Thereon, charges range from 150 – 550 INR annually. |
Transaction Fee | Generally, INR 20 per transaction or a certain percentage of the transaction. |
Miscellaneous Fees | These could include fees for additional statements, failed transactions, duplicate statements, or other services. |
Transfer Money From Demat Account to Your Bank Account
Transferring money from your demat account to your bank account is managed through your linked trading account. Here’s a step-by-step guide to help you complete the transfer efficiently:
- Log In: To access your trading account linked to your demat account, navigate to the ‘Funds’ or ‘Accounts’ section.
- Select Withdrawal: Choose the option to withdraw funds under ‘Funds’.
- Enter Amount: Specify how much money you want to transfer under “Withdraw.”
- Bank Details and Authentication: Input your linked bank account details and confirm by entering your trading password.
- Complete Transfer: Submit the request. Funds will be reflected in your bank account within one to three business days.
Transfer Shares from One Demat Account to Another
Transferring shares from one Demat account to another can be done online or offline. Here’s a step-by-step guide to help you with the process:
Offline Transfer:
- Obtain the Delivery Instruction Slip (DIS) from your current stockbroker.
- Fill in the necessary details on the DIS, including the Beneficiary Owner ID (BO ID) for the current and new brokers and the International Securities Identification Number (ISIN) for each share.
- Select the appropriate transfer mode: choose off-market if both accounts are with the same depository or inter-depository if they are with different ones.
- After completing the DIS, sign it and submit it to your current broker. A nominal fee may be charged for the transfer.
Online Transfer:
- Log in to the depository’s website (NSDL or CDSL), where your current Demat account is held.
- Register your other Demat account details on the portal.
- Follow the instructions provided on the portal to initiate the transfer.
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- Indusind Bank Personal Loan of 50000
- Bank of India Personal Loan for Doctors
- Home Loan Eligibility Calculator
- ICICI Bank Small Personal Loan
- Indusind Bank Short Term Personal Loan
- Bank of India Personal Loan for lawyers
- Bank Of Baroda Overdraft Loan
- Yes Bank Small Personal Loan
- RBL Bank Wedding Loan
- PNB Senior Citizens/Pensioners Personal loan
- IndusInd Bank Wedding Loan
- Indian Bank Personal Loan of 6 lakh
- IndusInd Bank Travel Loan
- PNB Bank Wedding Loan
- Union Bank Wedding Loan
- Bank of Maharashtra small loans
- Indian Bank Travel Loan
- Bank of India Wedding Loan
- IDBI Bank Personal Loan of 30000
- ICICI Personal Loan of 9 Lakh
- Union Bank of India Personal Loan of 30000
- Bank of India Travel Loan
- Bank of Maharashtra Medical Loan
- Kotak Mahindra Bank Personal Loan of 50000
- Bank of Maharashtra Senior Citizens Personal Loan
- ICICI Personal Loan for Senior Citizen
- Federal Bank Personal Loan of 2 Lakh
- Bank Of Maharashtra Travel Loan
- Bank of Maharashtra Personal Loan for Doctors
- Karnataka Bank Medical Loan
- Indusind Bank Self Employed Personal loan
- Indusind Bank Government Employees Personal loan
- Punjab & Sind Bank Wedding Loan
- Karnataka Bank Government Employees Personal Loan
- Karur Vysya Bank Medical Loan
- Karur Vysya Bank Wedding Loan
- Federal Bank Wedding Loan
- RBL Bank Housewife Personal loan
- IDBI Bank Wedding Loan
- IDFC First Bank Personal Loan of 3 Lakh
- Indian Bank Students Personal loan
- Indian Bank Personal Loan of 7 lakh
- HDFC Personal Loan of 7 Lakh
- HDFC Personal Loan of 8 Lakh
- Kotak Bank Self Employed Personal Loan
- BOB Personal Loan of 15,000
- Axis Bank Personal Loan Balance Transfer
- BOB Personal Loan of 20,000
- Karur Vysya Bank overdraft loan
- IDBI Bank Personal Loan of 1 Lakh
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- Bank of Maharashtra Government Employees Personal Loan
- BOB Personal Loan of 30000
- BOB Personal Loan of 6 Lakh
- BOB Personal Loan of 4 Lakh
- Kotak Bank Personal Loan for Doctors
- Home Loan for 30000 Salary
- BOB Personal Loan of 5 Lakh
- Home Loan for 50000 Salary
- Home Loan for 60000 Salary
- Yes Bank Small Personal Loan
- ICICI Salaried Employee Personal Loan
- Kotak Mahindra Bank Personal Loan of 5000
- Kotak Mahindra Bank Personal Loan of 10000
- IDBI Bank Personal Loan for Lawyers
- Kotak Mahindra Bank Personal Loan of 40000
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- Kotak Mahindra Bank Personal Loan of 8 Lakh
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- Indusind Bank Personal Loan Transfer
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- Punjab & Sind Bank Travel Loan
- Indusind Bank Flexi Loan
- Yes Bank Personal Loan of 40000
- Axis Super Save Home Loan Scheme
- Indian Bank Personal Loan for Lawyers
- Canara Bank Personal Loan of 20,000
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- HSBC Bank Short Term Personal Loan
- Canara Bank Personal Loan of 30000
- Karur Vysya Bank small loans
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- Indusind Bank Small Loans
- Axis Bnak Personal Loan for Lawyers
- HDFC Personal Loan of 30000
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- Canara Bank Personal Loan of 1 Lakh
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- RBL Bank Students Personal loan
- HDFC Personal Loan of 40000
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- RBL Bank Medical Loan
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- Indian Bank Personal Loan of 4 lakh
- Navi Personal Loan Eligibility Calculator
- Axis Bank Personal Loan of 20000
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- Yes Bank Personal Loan of 3 Lakh
- Yes Bank Personal Loan of 5 Lakh
- Karur Vysya Bank Travel Loan
- RBL Bank Overdraft Loan
- Federal Bank Salaried Employee Personal Loan
- IDBI Bank Self Employed Personal loan
- Union Bank of India Personal Loan of 10 lakh
- PNB Personal Loan of 2 Lakh
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- IDBI Bank Personal Loan of 5 Lakh
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- Bank Of India overdraft loan
- BOB Government Employees Personal Loan
- ICICI Personal Loan of 5 Lakh
- HDFC Personal Loan for Medical
- IDBI Bank Students Personal loan
- IDBI Bank Personal Loan of 4 Lakh
- Axis Bank Empower Home Loan Scheme
- Indian Bank Personal Loan of 3 lakh
- PNB Personal Loan of 1 Lakh
- Kotak Bank Government Employees Personal Loan
- IDFC First Medical Loan
- ICICI Medical Loan
- Axis Bank Personal Loan For Medical
- Yes Bank Personal Loan for Wedding
- IDFC First Personal Loan for Wedding
- Kotak Medical Loan
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- Indusind Bank Personal Loan of 3 Lakh
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- BOB Housewife Personal Loan
- ICICI Bnak Housewife Personal Loan
- Union Bank of India Personal Loan of 8 lakh
- Indusind Bank Personal Loan of 5 Lakh
- Yes Bank Personal Loan of 9 Lakh
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- RBL Bank Short Term Personal Loan
- Kotak Mahindra Bank Personal Loan of 2 Lakh
- Bank of India Salaried Employee Personal Loan
- RBL Bank Personal Loan of 2 Lakh
- HSBC Bank Small Loans
- HDFC Personal Loan of 10000
- HSBC Bank Overdraft Loan
- PNB Personal Loan of 40000
- IDBI Bank Personal Loan of 3 Lakh
- IDFC First Bank Personal Loan Balance Transfer
- Union Bank of India Personal Loan of 9 lakh
- HSBC Bank Personal Loan Transfer
- Bank Of Baroda Small Loans
- Yes Bank Travel Loan
- Kotak Travel Loan
- HDFC Personal Loan of 2 Lakh
- Canara Travel Loan
- HDFC Personal Loan of 4 Lakh
- SBI Personal Loan of 20,000
- Home Loan
- Personal Loan
- Loan Against Property
- Business Loan
- Federal Bank Personal Loan for Lawyers
Frequently Asked Questions
How many Demat accounts can you have?
You can have multiple Demat accounts, as there are no restrictions on the number of Demat accounts. However, all Demat accounts must be linked to the same PAN card.
Who is eligible to open a Demat account?
Any individual, including minors, non-resident Indians (NRIs), and companies, can open a demat account provided they have a valid PAN card and fulfil KYC requirements.
How much time does it take to open a Demat account?
Opening a demat account can take anywhere from a few hours to a few days, depending on the depository participant’s efficiency and the promptness of document submission and verification.
Can I link the Demat & trading account?
You can link your demat account with your trading account, which is essential for seamless transactions in the stock market.
Is a Demat account safe?
Demat accounts are generally safe as they are regulated and monitored by depositories like NSDL and CDSL. However, they may be prone to risks such as unauthorised transactions or fraud, which can be mitigated with proper precautions.
Is Demat free?
Some brokers offer demat accounts with no account opening charges, and some even offer accounts with no annual maintenance fees (AMC). Conditions may apply, so it’s best to check with the broker.
Is there any risk in a demat account?
Risks in a demat account can include fraud, unauthorised access, and hacking. Investors can reduce these risks by safeguarding their login credentials and monitoring account activity.
Is a Demat account free for a lifetime?
Some companies offer lifetime free demat accounts, which may come with conditions such as a one-time fee or a refundable deposit.
Can I close the Demat account?
You can close your demat account by submitting a closure request to your depository participant. Before closing, ensure all balances are cleared, and there are no pending holdings or transactions.